Find out how you can get your children in the housing market!

 

Are you shocked with Canadas Mortgage rates on a rapid rise? Have trouble getting your children involved in the housing market?

90% of first-time B.C home purchasers in B.C receive assistance from their parents.

High housing prices in B.C. make it difficult for first-time home purchasers to rely on their parents for down payments.

According to the 2019 poll of 193 notaries in British Columbia. 90 percent of first-time buyer clients received financial assistance from their families. That is a 20 percent increase from a similar survey in 2015, where B.C notaries said only 70 percent needed support.

Take a look below at the drastic change from the 2015 and 2019 poll results:

Graph showing 2015 and 2019 survey.

59 percent of notaries first-time home purchasers received less than 25% of the down payment from their parents, while 33% indicated they received more than 25%. The survey indicated parents contributed more than half of the down payment is 8% of the cases.

Although more first-time home purchasers are reaching out for financial help, they appear to be getting a lower proportion of their down payment over the last four years.

The northern part of the province seems to be the most affordable, with just 20% of notaries stating that housing is unaffordable.  Without a surprise, 85 percent of notaries in the Greater Vancouver stated affordability is a concern in the Greater Vancouver region.

With the help of Wiibid, you can support your children to get involved in the housing market.

The application takes less than 10 minutes to apply to start bidding to help your children finance earlier to finance their home.

At WiiBid, we strive to serve the best mortgage rates to homebuyers and homeowners all across BC. Borrowers can gain access to low auctioned rates and have full control over their own mortgage, lessening the worry of whether they can afford their homes. Get access to low mortgage rates today and finance your dream home in your dream city.

To find out where WiiBid operates, see our Locations.

_____

To learn more about WiiBid’s innovative digital mortgage marketplace, visit www.wiibid.com

Follow @wiibidcanada for deals and promotions to save even more on your mortgage through